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Deutsche Bank CEO doesn’t expect to become target in probe

Frankfurt: Deutsche Bank AG CEO Christian Sewing said he doesn’t expect to be personally targeted in a money laundering probe by German authorities that led to raids in several of its offices last week, including those of the management board.

Police searched the bank’s headquarters in Frankfurt over two days in an investigation relating to a cache of documents known as the Panama Papers.

They show a business based in the British Virgin Islands provided customers with a means to launder money, the bank has said. The inquiry touches the private wealth unit, part of the private and commercial bank run by Sewing before he rose to CEO in April. “Since the Panama Papers were published in 2016, we examined the entire matter in close cooperation with the supervising authorities,” said Sewing.